Section 327(2E)

For the purposes of subsection (2D)— business is “excluded” if it is of a description specified in regulations made by the Secretary of State for the purposes of this paragraph; a reference to property being transferred or handed over to the customer or client includes a reference to property being transferred or handed over to another person at the direction of the customer or client; “customer due diligence duties” means all duties imposed on P in relation to the customer or client by regulation 28(2), (3), (3A), (4), (8) or (10) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (customer due diligence measures).

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Source: legislation.gov.uk · retrieved 2026-09-04